People with taxable incomes of less than $22,250 a year no longer would be taxed; rates for higher amounts would be cut about 6.6 percent.
Monday is the deadline for Americans to file their personal income taxes.
The Legislature should start by fully funding revenue sharing and state education funding.
Some Americans are getting a sobering surprise as they finish their 2018 taxes -- instead of getting an expected refund, they owe money. And they may be in the same boat next year, too.
Despite all the talk about a tax cut after President Trump’s successful overhaul of the tax code, many people are reporting that they are paying more to the federal government.
For Tax Day, ITEP has released several new reports that tell a broad story about our nation’s federal, state and local tax systems, providing important details about taxes we all pay and research on the tax-paying habits of Fortune 500 corporations. And of course, we have a trove of other tax policy resources.
The new law adjusted the withholding tax from paychecks, so most people kept more money for most of last year.
The tax deadline is almost here, and with the tax deadline comes a wide range of tax questions from filers.
As the tax deadline nears, residents of some states are bearing the brunt of it more than others.
As April 15 nears, millions of taxpayers this year will have to navigate the IRS' new Form 1040. It's the result of a campaign promise by then-presidential candidate Donald Trump to simplify tax rules so that a postcard-size form would be all an average taxpayer needs.
The amount earners can claim in the child tax credit has doubled, and so have the income limits. Here’s what that means as the IRS 2018 tax return deadline looms.
Don't count on these popular deductions to lower your tax bill this year – they're gone as part of broader tax cuts
Families often spend thousands of dollars caring for ailing loved ones at home.
How homeowners file their taxes this year could be affected by a number of new changes, including the cap on mortgage interest deductions.
For the self-employed, taxes are a huge deal. The total tax on your last dollar of income as a sole proprietor can be over 50 percent. That's because the top marginal federal tax rate is 35 percent and the Self-Employment, or SE, tax rate is 15.3 percent on every dollar of net profit earned up to $128,400 in 2018. On top of that you may have to add state and local income tax. For example, income taxes for New York City residents can be 10.5 percent, or more.
Supporters of repealing a 2011 tax on some retirement income say seniors were asked to shoulder more of the state’s income tax burden to offset a business tax break. Advocates for keeping the tax say it treats all retirement income equally.
As taxpayers sort through the new regulations signed into law by the Tax Cuts and Jobs Act, one demographic is feeling particularly hard-hit: Middle-class homeowners who live in high-tax areas. Many are just now learning they owe thousands this year, rather than the refunds they usually received.
Filing your taxes doesn't have to cost you money. Even though the new Form 1040 that all tax filers will file this year is a one-page document with just 23 lines, preparing taxes can be daunting for some. The new Form 1040 replaces the old 1040 as well as the Form 1040A and Form 1040EZ.
Arizonans could have more time to file their state tax returns.
It’s not uncommon for volunteers, including board members of nonprofit organizations, to ask why their time can’t be treated as a deductible contribution. Here’s why.